{"id":164553,"date":"2022-03-20T13:54:14","date_gmt":"2022-03-20T12:54:14","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=164553"},"modified":"2022-03-20T13:54:14","modified_gmt":"2022-03-20T12:54:14","slug":"how-russia-ukraine-war-will-affect-nigerias-economy-ex-nidoa-chairman-key","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/20\/how-russia-ukraine-war-will-affect-nigerias-economy-ex-nidoa-chairman-key\/","title":{"rendered":"How Russia-Ukraine war will affect Nigeria\u2019s economy \u2013Ex-NIDOA chairman, Key"},"content":{"rendered":"<p>Mrs Patience Key, the immediate past Chairman of the Nigerians in Diaspora Organization Americas, believes that the Russia-Ukraine conflict would have an impact on Nigeria because it is an oil-producing country.<\/p>\n<p>On Sunday, Key told NAN in New York that the crisis will have an impact on Africa&#8217;s economy as well as the world economy.<\/p>\n<p>She said that Russia&#8217;s invasion of Ukraine had caused a dramatic increase in world oil prices, which had risen to about $100 per barrel.<\/p>\n<p>\u201cThis development, without doubt, will pose high implications for the Nigerian economy as the largest oil-producing country in Africa. By extension, Africa will also feel the impact as its largest economy is affected.<\/p>\n<p>\u201cRussia happened to be among the first three largest oil producing countries in the world and the 11th largest economy globally, and by that its impact is felt in the global market as one of the major actors who determines the global economy.<\/p>\n<p>\u201cIts recent and continuous onslaught on Ukraine has moved her contemporaries like the U.S, U.K, etc. to placing strict economic sanctions on the country and her citizen\u2019s investments outside the shores of Russia.<\/p>\n<p>\u201cThis has a ripple effect on the economies of Nigeria and Africa,\u2019\u2019 she said.<\/p>\n<p>According to her, an example is the ongoing bilateral discussions on the resuscitation of the Ajaokuta Steel Mill between the <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/03\/04\/russia-ukraine-war-buhari-vows-to-defend-nigerians\/\">Federal Government and the Russian government<\/a>.<\/p>\n<p>Key said there were indices that the discussions could be frustrated and strained as the conflict between Russia and Ukraine progresses.<\/p>\n<p>\u201cThough the global oil prices surged as a result of the sanctions placed on Russia; the second-largest oil-producing country in the world, it adversely had placed Nigeria at an advantage as the largest oil-producing country in Africa as demand for its crude oil rises.<\/p>\n<p>\u201cAmidst all that, economists are thrilled with mixed feelings over pointers showing that there are still strong indications that the inherent distortions in the Nigerian economy might eventually worsen and topple the already fragile economic condition,\u2019\u2019 she said.<\/p>\n<p>The official said the conflict could be a blessing in disguise with the increase in global oil prices.<\/p>\n<p>\u201cI feel it is the right time for the Nigerian government to make some money as much as they consider and use the profit to pay-off, service some of our loans and grow the economy.<\/p>\n<p>\u201cOur already depleting foreign reserve can also be revisited and serviced for rainy days. If our foreign reserve is fatty, we wouldn\u2019t be running to countries seeking for loans,\u2019\u2019 she said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mrs Patience Key, the immediate past Chairman of the Nigerians in Diaspora Organization Americas, believes that the Russia-Ukraine conflict would have an impact on Nigeria because it is an oil-producing country. On Sunday, Key told NAN in New York that the crisis will have an impact on Africa&#8217;s economy as well as the world economy. [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":164554,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[15197,33042,1946,33043,949,2923,31016,5843,857],"class_list":["post-164553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-affect","tag-ex-nidoa-chairman","tag-how","tag-key","tag-nigerias-economy","tag-russia","tag-russia-ukraine-war","tag-ukraine","tag-war"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Russia-Ukraine war will affect Nigeria\u2019s economy \u2013Ex-NIDOA chairman, Key<\/title>\n<meta name=\"robots\" content=\"index, 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